What Is Cyber Insurance/Liability?

Cyber Insurance is necessary to protect your business from the financial impact of computer hacking. If your business has a website or electronic records, you’re vulnerable to hackers. A cyber attack can leave you locked out of your systems, affect your online presence or breach your client data, all with the potential to damage your business reputation.

A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.

Cover is available nationwide for businesses of any size.

Claim Example

The purchaser issued proceedings in VCAT against the vendor and our agent insured. The main allegations against the Insured is that they allegedly represented to the purchaser that the auction was not conducted on a GST exclusive nature and the purchaser was led to believe that he did not have to pay an additional sum of $48,000.

The claim settled out of court for $48,000. The Insured’s contribution was $30,000. The legal costs incurred were $10,000. Both the legal costs and the insured’s contribution were covered by the policy.